The deregulation process in the EU electricity sector triggered strategic decisions that led to industry restructuring. This paper presents preliminary evidence of the impact of this process on investors, using event studies and estimation techniques such as least squares and GARCH. Our findings...

This paper examines the formal features, the political rationale, distinctiveness, potential, and difficulties of post-liberal regionalism, with a particular focus on the case of UNASUR. Through this organization, traditional unionism and aspirations of Latin American regional integration are...

Bringing together a variety of outlooks from comparative law, legal theory, organizational sociology, socio-legal studies or political science, this Joint Working Papers explores the cognitive equipement through which international judges perform their role. The notion of 'fabric', borrowed from...

This paper aims to analyse the European Parliament's position in the aftermath of the reform of the economic governance in the European Union, in particular after the adoption of the six-pack and the "Fiscal Compact". References are made to the involvement of the European Parliament in the...

The core right of EU citizenship is freedom of movement within the territory of the Union. But EU citizens who live in a member state other than their homeland cannot vote in the national elections of that country unless they first acquire its citizenship through naturalisation. In several...

Proportional representation is often thought a democratic ideal. But whatever proportional representation's virtues in ordinary politics, it is poorly suited to sustaining democratic legitimacy in what might, speaking loosely, be called constitutional politics. Proportional representation may...

The liberalization process of the gas sector has showed that the reasoning to introduce competition in gas industries separates the services in at least two groups: commodities with relatively low transaction costs, and hence suitable to short-term market coordination, and network services which...

The European Market Coupling Company (EMCC) operates an interim tight volume coupling (ITVC) that implicitly allocates the interconnection capacities between Central West European (CWE) and Nordic (Nordpool) day-ahead electricity spot markets. Though it is to be replaced by a single price...

Absence of arbitrage is one of the fundamental tools to describe financial markets. The no-arbitrage price of any financial contract represents players’ valuation of the uncertain future income stream that will result from the contract. This reasoning is based on considering future income...

A vertically integrated incumbent and an OLO (Other Licensed Operator) dynamically compete in the market for broadband access. The incumbent has the option to invest in building a Next Generation Network that covers all urban areas with similar demand structures. The investment return in terms...